Last week’s jobs reports was a shocker to many. We lost more jobs in June than during any month in the previous two recessions. The size of the jobs loss was discouraging and more than anyone thought.

While it appears that we are starting to recover from a near financial collapse, we still have to dig ourselves out of a very deep hole. A lot of household wealth has been destroyed in the past year and most economists are forecasting another 1 to 2 million more job losses, about the size of the last two recessions.

Things are starting to improve and corporate earnings are beginning to improve. But it will be a few more months before we see the signs of good times and significant growth.